Insider Selling: Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Sells 250 Shares of Stock

Cadence Design Systems, Inc. (NASDAQ:CDNSGet Rating) VP Paul Cunningham sold 250 shares of the company’s stock in a transaction that occurred on Monday, June 6th. The stock was sold at an average price of $160.90, for a total value of $40,225.00. Following the transaction, the vice president now owns 97,014 shares of the company’s stock, valued at $15,609,552.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

NASDAQ:CDNS traded down $2.34 during trading hours on Wednesday, reaching $159.93. The company had a trading volume of 1,489,177 shares, compared to its average volume of 1,752,639. The stock has a 50-day moving average of $152.10 and a two-hundred day moving average of $159.00. Cadence Design Systems, Inc. has a one year low of $124.51 and a one year high of $192.70. The firm has a market capitalization of $44.10 billion, a PE ratio of 60.78, a PEG ratio of 3.01 and a beta of 1.13. The company has a quick ratio of 1.69, a current ratio of 1.81 and a debt-to-equity ratio of 0.13.

Cadence Design Systems (NASDAQ:CDNSGet Rating) last announced its quarterly earnings results on Monday, April 25th. The software maker reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.12. Cadence Design Systems had a return on equity of 31.01% and a net margin of 23.59%. The firm had revenue of $902.00 million for the quarter, compared to analysts’ expectations of $859.63 million. During the same period in the prior year, the business posted $0.67 earnings per share. The business’s revenue was up 22.6% compared to the same quarter last year. As a group, sell-side analysts expect that Cadence Design Systems, Inc. will post 3.13 earnings per share for the current year.

A number of research analysts have recently commented on CDNS shares. Zacks Investment Research upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and set a $161.00 price target for the company in a report on Thursday, April 28th. Robert W. Baird cut their price target on Cadence Design Systems from $211.00 to $203.00 in a report on Tuesday, April 26th. Needham & Company LLC upped their price target on Cadence Design Systems from $185.00 to $193.00 and gave the stock a “buy” rating in a report on Tuesday, April 26th. Rosenblatt Securities upped their price target on Cadence Design Systems from $173.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday, February 23rd. Finally, StockNews.com initiated coverage on Cadence Design Systems in a report on Thursday, March 31st. They set a “buy” rating for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $184.58.

Large investors have recently made changes to their positions in the business. London & Capital Asset Management Ltd grew its position in Cadence Design Systems by 36.2% in the third quarter. London & Capital Asset Management Ltd now owns 173,204 shares of the software maker’s stock valued at $26,230,000 after acquiring an additional 46,050 shares during the period. Liontrust Investment Partners LLP bought a new stake in shares of Cadence Design Systems during the third quarter worth $225,524,000. Parnassus Investments LLC grew its holdings in shares of Cadence Design Systems by 3.7% during the third quarter. Parnassus Investments LLC now owns 5,132,094 shares of the software maker’s stock worth $777,204,000 after purchasing an additional 183,464 shares during the last quarter. Putnam Investments LLC grew its holdings in shares of Cadence Design Systems by 11.9% during the third quarter. Putnam Investments LLC now owns 1,848,262 shares of the software maker’s stock worth $279,901,000 after purchasing an additional 196,541 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in shares of Cadence Design Systems by 5.6% during the fourth quarter. Russell Investments Group Ltd. now owns 388,845 shares of the software maker’s stock worth $72,731,000 after purchasing an additional 20,779 shares during the last quarter. Hedge funds and other institutional investors own 84.07% of the company’s stock.

About Cadence Design Systems (Get Rating)

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.

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